Paypal man has nation-building notions

The founder of PayPal is creating his own countries.

Peter Theil, 43, is planning on building new nations that will be governed according to libertarian ideals - meaning people will be keen to maximize their individual liberty and political freedom - and be constructed on big floating platforms in international waters.

He said: "There are quite a lot of people who think it's not possible. That's a good thing.

"We don't need to really worry about those people very much, because since they don't think it's possible they won't take us very seriously.

"And they will not actually try to stop us until it's too late."

The first trial example of the initiative could be constructed off San Francisco next year.